“We are focused on becoming profitable in the next six months,” he was quoted by PTI as saying.

80 per cent of the company’s sales comes from ethnic fashion segment, while ethnic food and home decor contribute about 10 per cent each.

“We entered the ethnic food space in early 2016 through our acquisition of Place Of Origin, and also entered home decor segment. In the next three years, we aim to deepen these two categories to account for 25 per cent each of our sales, and ethnic fashion will contribute 50 per cent. We are looking at building Craftsvilla as a complete ethnic brand,” he was quoted by PTI as saying.

While the food business in India is a US$ 10 billion market, the handicrafts market is worth US$ 50 billion, according to industry estimates, and most of this is unorganised, he explained.

“There are currently no large brands in the ethnic space, and 98 per cent of the market is unorganized. We are keen on creating value and streamline this through our brand,” Gupta was quoted by PTI as saying.